While the plant-based burger wars have been going on for many years, plant-based fish is still in its infancy. But that’s about to change, as new competitors enter the mix with a variety of imitation fish offerings, and investors rush to fund them.
According to FishfarmingExpert.com, investment in plant-based, fermented or cell-based artificial fish in the US alone reached $178.2 million in the first half of last year, bringing the total investment in 2021 to more than $306 million. Some experts are projecting that the sector could become a $1.6 billion business over the next ten years, as more environmentally conscious consumers seek seafood alternatives.
According to a 2021 report, ocean trawling, which drags nets on the ocean floor for fish, produces carbon dioxide equivalent to air travel. Study published in Nature, And overfishing of wild salmon is putting the species at risk.
As demand for seafood alternatives grows, so do names like Plantish, Sophie’s Kitchen, Gardine, Good Catch and New School Foods, a Toronto-based startup that specializes in plant-based salmon.
Co-founder and CEO Chris Bryson said, “We’ve spent the last 2 to 3 years inventing, developing this completely new technology that allows us to make muscle fibers entirely from plants and then eat them like whole cuts of meat.” allows it to be assembled into larger structures.” of New School Foods.
The company claims that it “looks, cooks, tastes and flakes like normal fish.” We cannot confirm this, as it is not currently for sale. But unlike most plant-based meat products, which are precooked, grilled and often formed into patties or nuggets, this one is whole and raw.
“You can then cook it in your own kitchen and watch it go from raw to cooked, unlike most meat options,” Bryson said.
So-called salmon contains both plant and aquatic ingredients, including seaweed, pea and soy proteins and omega-rich oils such as seaweed, flax and hemp. Investors say they’re hoping it will appeal to people who are already buying plant-based meats.
New School will launch in restaurants first as about 70% of seafood is consumed in restaurants. Bryson said the collaboration with the chef will help fine-tune the flavor and preparation of the product before it hits supermarket shelves.
“If plant-based seafood can penetrate the 1 to 2% category in North America and Europe, we are certainly talking about a multi-billion dollar market with very few competitors in that space. said Nick Cooney, managing partner at Lever VC, an investment fund focused on alternative protein companies.
Cooney himself was an early investor beyond flesh, He said that unlike fake meat, which is usually more expensive than the real thing, fake fish could be affordable for consumers as the price of real fish skyrocketed.
“And certainly that cost has a big impact on consumer behavior,” he said.
In addition to Lever VC, New School Foods is backed by Blue Horizon, Hatch, Good Startups, Alvin Capital and Joyce Partners. It has raised $12 million to date.